Analysts Set Magnite, Inc. (NASDAQ:MGNI) PT at $44.83


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Shares of Magnite, Inc. (NASDAQ:MGNI) have been given a consensus rating of “Buy” by the nine research firms that are currently covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $44.83.

MGNI has been the topic of a number of recent research reports. Evercore ISI initiated coverage on shares of Magnite in a report on Tuesday, April 13th. They issued an “in-line” rating and a $44.00 target price on the stock. Craig Hallum lifted their target price on shares of Magnite from $63.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, February 25th. Truist lowered shares of Magnite from a “buy” rating to a “hold” rating and lifted their price objective for the company from $12.00 to $37.00 in a research report on Monday, January 25th. Zacks Investment Research lowered shares of Magnite from a “buy” rating to a “hold” rating in a research report on Friday, March 26th. Finally, Needham & Company LLC lifted their price objective on shares of Magnite from $30.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, February 9th.

In other Magnite news, CFO David Day sold 7,372 shares of the business’s stock in a transaction on Tuesday, February 16th. The shares were sold at an average price of $60.69, for a total transaction of $447,406.68. Following the sale, the chief financial officer now directly owns 284,707 shares in the company, valued at approximately $17,278,867.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Thomas Kershaw sold 50,000 shares of the business’s stock in a transaction on Tuesday, February 16th. The stock was sold at an average price of $59.20, for a total transaction of $2,960,000.00. Following the sale, the chief technology officer now owns 633,216 shares in the company, valued at $37,486,387.20. The disclosure for this sale can be found here. Insiders have sold a total of 407,207 shares of company stock worth $18,465,834 over the last 90 days. Insiders own 5.70% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Voloridge Investment Management LLC purchased a new stake in shares of Magnite in the 4th quarter worth about $5,730,000. Scout Investments Inc. purchased a new stake in shares of Magnite in the 4th quarter worth about $19,378,000. Nuveen Asset Management LLC boosted its position in shares of Magnite by 2.9% in the 4th quarter. Nuveen Asset Management LLC now owns 957,343 shares of the company’s stock worth $29,400,000 after buying an additional 26,556 shares in the last quarter. Advisory Research Inc. purchased a new stake in shares of Magnite in the 4th quarter worth about $1,322,000. Finally, ProShare Advisors LLC boosted its position in shares of Magnite by 54.4% in the 4th quarter. ProShare Advisors LLC now owns 1,682,598 shares of the company’s stock worth $51,673,000 after buying an additional 592,933 shares in the last quarter. Institutional investors and hedge funds own 74.34% of the company’s stock.

MGNI stock traded down $1.58 during midday trading on Monday, reaching $36.06. 3,435,002 shares of the company were exchanged, compared to its average volume of 4,569,951. The stock’s 50-day simple moving average is $43.26 and its 200 day simple moving average is $30.25. The company has a market cap of $4.17 billion, a price-to-earnings ratio of -59.11 and a beta of 2.45. Magnite has a 1-year low of $4.60 and a 1-year high of $64.39.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, February 24th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.08. The business had revenue of $82.00 million for the quarter, compared to analysts’ expectations of $82.00 million. Magnite had a negative net margin of 30.72% and a negative return on equity of 9.19%. As a group, sell-side analysts predict that Magnite will post -0.21 EPS for the current year.

Magnite Company Profile

Magnite, Inc provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers including websites, mobile applications, and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D.

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Analyst Recommendations for Magnite (NASDAQ:MGNI)

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